Siam Cement stock: Analysts see 2027 upside from LSP restart
Published on 11/13/2026 at 03:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSProfit recovery meets execution risk
- Siam Cement returned to profit in the third quarter despite missing market expectations.
- Brokerages see longer-term support from the LSP project, while near-term chemicals weakness remains a risk.
- Analysts cited target prices of THB 294 and THB 304 from Trinity Securities and Phillip Securities.
Siam Cement returned to profit in the third quarter of 2026, but the result fell short of market expectations. In an analysis published by Kaohoon International on October 29 and updated on November 11, Trinity Securities and Phillip Securities maintained positive longer-term views while highlighting weaker chemicals earnings.
Third-quarter rebound remains uneven
Siam Cement reported net profit of THB 2.385 billion in the third quarter, compared with a net loss of THB 669 million a year earlier. Adjusted profit reached THB 1.788 billion, up 55 percent year over year but down 83 percent from the previous quarter. Revenue was THB 122.666 billion, 10 percent below the second quarter.
The chemicals segment was the main drag. SCGC posted a loss of THB 1.738 billion, compared with a profit of THB 4.820 billion in the previous quarter, as petrochemical spreads narrowed. Losses at the LSP plant increased to THB 3.326 billion after production stopped in mid-May.
LSP restart is the central catalyst
Trinity expects fourth-quarter profit to stagnate or weaken further as a planned turnaround at MOC coincides with the seasonal low in petrochemicals. LSP is not expected to support earnings in the short term, but its return to operation in the second quarter of 2027 could improve the chemicals business through lower-cost ethane feedstock.
Trinity kept a Buy rating and a THB 294 target price. Phillip Securities assigned a Gradual Buy rating and a THB 304 target for 2027. Both brokerages pointed to the LSP project as an important factor for future earnings, while the cement and packaging businesses remain exposed to energy, raw-material and seasonal pressures.
SCG combines industrial businesses
According to SCG, the group operates businesses spanning cement and construction products, chemicals, packaging, clean energy and decorative products. Its main markets are in Thailand and the wider Southeast Asian region, and its headquarters are in Bangkok, Thailand. The group competes with Siam City Cement in cement and building materials and with PTT Global Chemical in petrochemicals, while its diversified portfolio gives it a broader industrial exposure than single-segment operators.
Siam Cement stock at a glance
- Company: The Siam Cement Public Company Limited
- ISIN: TH0003010Z04
- Ticker: SCC
- Home exchange: Stock Exchange of Thailand
- Key catalyst: Expected LSP restart in the second quarter of 2027
- Analyst targets: THB 294 from Trinity Securities and THB 304 from Phillip Securities
Thailand's broader equity market remains the relevant backdrop for Siam Cement stock; see Current market reports.
